Your boss just called you into his office.
“Have a seat. Listen- there’s no nice way to put this, but it’s been a tough year.”
He’s about to let you go. What will you do? This job is 100% of your income. This could be devastating. You gather yourself as you walk to your car, banker box in hand. You have so much to do.
You make a list. You apply for EI, you call your utility companies, the bank, your family and close friends…. it’s overwhelming.
What just happened to you could’ve been less devastating, if only you had more revenue streams.
Think of it this way: you have a table with 4 legs, and one leg has suddenly been cut off. Now the table is tilted and less stable. In all likelihood, it cannot support anything. This is the metaphor of having one revenue stream. Now– imagine you were to add a leg to that table. Take a leg off, and you still have 4 and it’s still stable. Add two legs… add 3…. You get it- the more you add, the better off you will be.
Here are 7 side hustles to consider, so that you’ll have the most security and flexibility within your personal financial situation:
This doesn’t have to be a complex endeavour. Automation is key, and so is simplicity. Some of these things you probably already do, so you should consider making some extra cash in the process.
1. Pickup some contract work.
There are numerous sites where you can find additional work, such as Indeed, Upwork, Remote, and even through Kijiji or Craigslist ads.
Whether you’re helping someone with some bookkeeping, consultancy work, trades work, or even a sales position, there’s no shortage of work available for you. Take on as much as you can handle.
2. Buy and Sell.
One person’s trash is another’s treasure. De-clutter in the process and make some extra cash by selling old collectables, CD’s, exercise equipment, and things that are lying around the house and not put to use. If you haven’t been using it, you probably won’t. Post ads on social media, Craigslist, Kijiji and eBay. And if you’re really savvy, purchase items online or at local thrift shops and garage sales and resell them at a profit.
Mark Cuban once said, “poor people save. Rich people invest.” He’s not wrong. Download an investment app, such as WealthSimple or Robin Hood, or one of the ones available from your financial institution. Start trading, or invest in some ETF’s or Portfolio Options.
You’re a professional. Why not market your abilities and increase your presence as an industry expert by offering online tutorials or peer coaching workshops? As a bonus: you’ll improve in your personal skill set, as the best way to learn is to teach.
5. Market yourself to build better pipelines.
Perhaps you’re expecting business to continue as it has been, and yet you don’t have a better-developed pipeline. Increase your online and community presence with some strategically aggressive marketing (The Mark Consulting will help with that) and you will have more work than ever. If you’re not self-employed, you’ll build a personal brand, to give you the platform to consider the option of branching out. Layoffs happen, but when you know that you can do something with or without the corporate backing, then you’ll be even more empowered than ever.
Do you have equipment to rent out? If not, you can always purchase equipment and create a rental business. What about your home? AirBnB has been a major disruptor to the hotel accommodations industry. You can also rent out office space to another business, or for a collaborative environment.
7. Create a business.
Maybe a rental business isn’t your thing. Perhaps you want to buy into an existing business as a partner, and allow that to be a steady revenue stream, you could also create an online store or a little side hustle. It’s not unusual to see someone that moonlights with a sales job, or to pick up a part time job somewhere. Some of us, however, are more entrepreneurial and want to do something more on our own. Is there something you truly believe in that you have a passion for? Find a way to make that product or service a saleable entity, and be your own boss.
No matter the status of the economy, or the current landscape of your industry, you’ll be busy and cash will be flowing, if you add in multiple revenue streams.
By @MarkPavelich CEO The Mark Consulting & Marketing
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